23 September 2016
On 22 August 2016, Yujin, an AIM quoted cash shell, announced the proposed acquisition of Healthperm Resourcing Ltd for an initial consideration of approximately £11.2 million to be satisfied by the issue of new Ordinary Shares with deferred consideration potentially payable, also in new Ordinary Shares, depending on performance. The Acquisition was deemed to be a reverse takeover in terms of AIM Rule 14.
At the same time Yujin announced the proposed cancellation of the admission of its shares to trading on AIM, and the proposed admission of its shares to trading on the ISDX Growth Market, and also proposed, inter alia, to (i) undertake a consolidation of the Ordinary Shares; (ii) raise approximately £275,000 through subscriptions for New Ordinary Shares at a price of 150p per share (following the Share Consolidation); (iii) change the name of the Company to Healthperm Resourcing Ltd; and (iv) make a number of changes to the Board.
All resolutions were duly passed on 15 September 2016 and cancellation of the admission to trading on AIM of the Company’s shares took place at 7.30 a.m. today.
The New Ordinary Shares have today been admitted to trading on the ISDX Growth Market. On Admission, the Share Consolidation, completion of the Acquisition, completion of the Placing and the changes to the Board all took effect.
The Company is valued at approximately £13 million at the Placing Price of 150p per share.
The change of name of the Company to Healthperm Resourcing Ltd will take effect when registered with the Singaporean Accounting and Corporate Regulatory Authority, which is expected to take place today.